S&P's E.Sun Bank ratings unaffected

Standard & Poor's said the recent announcement of a strategic alliance between E.Sun Financial Holding Co. Ltd. and Singapore-based Temasek Holdings Pte. Ltd. (AAA/stable) will not immediately affect the ratings on its major subsidiary Taiwan-based E.Sun Bank (BBB/stable/A-2).

Temasek, through its wholly owned subsidiary, Asia Financial Holdings Pte. Ltd., plans to subscribe to $400 million in euro convertible bonds issued by E.Sun Financial. Upon full conversion by March 2008, Temasek's investment would represent about 15% of the total shares in E.Sun Financial on a fully diluted basis and provide it with two board seats.

S&P said integration with Temasek and leverage of its resources over the medium term could improve the E.Sun group's business position domestically and overseas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.